Swiss insurer Helvetia has agreed to buy Nationale Suisse to create a new Swiss insurance group with a profit potential of more than SFr500 million ($559 million).
Helvetia said it is offering the shareholders of Nationale Suisse a public tender offer valued at SFr80 per Nationale Suisse share.
The board of directors of Nationale Suisse said they welcomed the Helvetia offer and recommended that the Nationale Suisse shareholders accept it.
Erich Walser, chairman of the board of directors of the Helvetia Group, said: “Helvetia and Nationale Suisse will be forming a unique insurance group with strong foundations and good prospects for success. By joining forces, we are providing both shareholders and customers alike with a significant upside potential. For the employees, a healthy company with a strong domestic market and international orientation is an attractive employer. Strong capitalisation and stable shareholders base will afford the company the security to consistently and successfully pursue its strategy.”
Andreas von Planta, chairman of the board of directors of Nationale Suisse, added: “Helvetia is the ideal partner for Nationale Suisse both in Switzerland and abroad. The board of directors of Nationale Suisse therefore recommends that its shareholders accept Helvetia's offer. Both Helvetia and Nationale Suisse are able to look back on a long and successful company history, a similar corporate culture and a local presence in Basel. Together with Helvetia we will be able to continue our successful strategy.”
Helvetia, Europe, Nationale Suisse, Erich Walser, Andreas von Planta